6 Things budding entrepreneurs could learn from Elon Musk

Elon Musk is a popular name in the field of entrepreneurship. The founder and CEO of SpaceX did not have it easy and some years back was struggling with his professional and personal life. However, he overcame these difficulties and currently is the 83rd richest person in the world.

Through his journey, budding entrepreneurs can derive a lot of lessons such as:

1. Be dedicated to your idea

Musk’s first start-up was related to web listing back in time when the internet usage wasn’t a common phenomena. No one was convinced about this idea and shopkeepers refused to register online. In the end, because the idea incurred losses, he sold it off to Compaq for $407 million.

What we can learn from it is his dedication to the idea which was so intense that he often slept on his desk while trying to work upon it.

2. Grab first-mover advantages

What Musk teaches us through his ventures is to start early and work on opportunities as they come. He came up with the idea of internet banking when internet was very newly introduced. He came up with the idea of X.com which would serve as an online bank. Later, he joined hands with professionals in the same sphere who had more knowledge about the same. X.com later transformed into PayPal.

3. You need to be thorough with your research

Musk is one of the very few entrepreneurs who has knowledge about different industries and sectors. He was associated with diverse applications like Zip2, PayPal, Telsa and SpaceX. Even when he was looked down upon when he entered the space and aeronautical industry, he managed to redefine standards because of his thorough research and unwavering focus on goals.

4. Build a team

Musk managed to get fresh talent for SpaceX and Tesla. It is a common belief that freshers are not very professional or proficient with their work. Musk changed the misconception and poached young and talented engineers himself and built a dedicated team who worked for over 20 hours a day and the results were beyond his expectations.

5. Be unconventional

The only reason SpaceX worked was because they dared to be different and work unconventionally. SpaceX faced tough competition from Boeing, but, came up with the brilliant idea of reusable rockets and the successful landing was a great success. Their cost-cutting strategies are unique and now, SpaceX is looking to introduce low-cost passenger flights in space.

6. Don’t forget to enjoy life

Even though he’s a workaholic, Musk has always found time and ways to enjoy the fruits of his hard work. He bought a plush 1800 sq feet condo after the sale of his first start-up. Always fascinated by sports cars, he even bought a McLaren supercar. Musk also attended the Burning man festival in 2004 which shows how much he enjoys life.